Nifty inches to 8300, Sensex firm; Tata Steel is up 2%

Tata Steel, Tata Motors, ONGC,Tata Power and HDFC Bank are top gainers in the Sensex.

09:14

Moneycontrol Bureau The market has opened with smart gains on Friday. The Sensex is up 195.90 points or 0.7 percent at 27470.61 and the Nifty is up 50.85 points or 0.6 percent at 8285.45. The 50-share index briefly touched 8300.About 534 shares have advanced, 72 shares declined, and 325 shares are unchanged.

Tata Steel, Tata Motors, ONGC,Tata Power and HDFC Bank are top gainers in the Sensex.

The Indian rupee gained in the early trade. It has opened higher by 19 paise at 62.48 per dollar compared to previous day's closing value.

On Thursday, the rupee ended at nearly 4-week closing high of 62.67 per dollar. The euro extends losses to trade near a nine-year low, as investors bet the European Central Bank was getting closer to adopting quantitative easing to ward off deflation. Also a slump in German industrial orders in November reinforced bearish views of the single currency.

In the US, stocks surged for a second day, with benchmarks turning higher for the year, as oil steadied. The CBOE volatility index fell nearly 12 percent to 17.01. And in Europe, stocks surged to close almost 3 percent higher after European Central Bank president Mario Draghi reiterated yesterday that the central bank was ready to start "full-blown" quantitative easing.
In a letter made public, Draghi said the governing council would closely monitor the "risks to the outlook for price developments over the medium term".

In commodities, crude prices held steady led by better-than-expected US jobs data. Nymex crude was above USD 49 while Brent crude was trading above USD 51 per barrel. From precious metals space, gold was flat as expectations that the Federal Reserve would exercise patience in raising interest rates left US bond yields flat.

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